Mortgage Servicing Compliance: Meeting Extensive New Regulatory Expectations

In a sense, servicing consumer mortgage loans has always been a bit of the "wild west" of compliance, meaning there was little in the way of rules and regulations. But thanks to the financial crisis and resulting exposure of unsavory practices, new rules were put into place by the Dodd-Frank Act.

These rules include many new "standard" requirements dealing with periodic statements and escrows, for example, but most of the new requirements focus on how servicers deal with distressed borrowers - from mandating "early intervention" and processes around loss mitigation applications, to new foreclosure timing rules.

We'll focus on these critical areas, and provide practical advice on how to meet both regulatory and borrower expectations.

Covered Topics:

  • Fair Debt Collection Practices Act (FDCPA) rules
  • New periodic statement ( Regulation Z, Truth in Lending) and similar disclosure requirements, including exemptions
  • ARM (Adjustable Rate Mortgage) change notification requirements
  • Dealing with partial payments
  • Providing payoff statements
  • New force-placed insurance requirements
  • Reasonable servicing policy and procedure requirements
  • Early intervention rules
  • Loss mitigation options, applications, and processes
  • Servicing file requirement
  • Foreclosure rules, including timing and notices

Plus frequent question and answer sessions.

Who Should Attend?

This interactive session will provide an in-depth understanding of these rules, which is imperative for anyone performing duties in consumer mortgage servicing areas of your financial institution. These individuals include loss mitigation specialists, collectors, supervisors, auditors, special asset staff, compliance officers, auditors, counsel, and others working in similar positions.